Now that Toyota’s Prius Plug-in Hybrid has been officially announced, we can begin the comparisons with the other plug-in electric vehicle with an extended driving range, the Chevrolet Volt. The underlying question is which is more important to consumers: electric driving range, or total vehicle fuel efficiency?

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The folks at Edmunds.com’s AutoObserver pointed out that the Prius PHEV will earn the right to drive in the HOV lane in California (because of the low total emissions), while Volt owners won’t have that luxury. Conversely, Volt buyers get the full federal tax credit ($7,500) because of the larger battery pack, but Prius PHEV owners get the smaller amount ($2,500). Still, the Prius overall will cost about $2,000 less after you figure in the tax credits.

Winning the hearts and wallets of consumers could come down to one number — but will it be 35 (as in the Volt’s estimated miles of electric range, per the EPA), or will it be 49 (as in the total MPG that the Prius will achieve in hybrid mode)?